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Eden Island Luxury Resort - An attractive investment for South Africans

Now in the final stages of completion, the luxury Eden Island resort development in Seychelles is an undisputed success which affirms the sustained, global appeal of the ultimate, idyllic tropical island lifestyle – and the uniqueness of this cosmopolitan, luxury playground.


Panoramic view of Eden Island, as seen in the first quarter of 2015.
 
Situated just off the coast of Mahe – connected by bridge, reclamation work on this inspirational, man-made island began back in 2000, with construction of the residential units commencing in 2006 and completion of the first apartment in October 2007.
 
Says Chris Immelman, MD of Pam Golding Properties International and Projects Division, which began marketing the villas, maisons and apartments on the island at the end of 2006: 

“Comprising over 56 hectares - including some 16 hectares of private waterways, considering the size and scope of the project the vision of the developer has rapidly become reality, with 423 homes already completed and currently only about 100 homes remaining to be sold and built.  To date just over 480 homes have been sold at a total value of $440 million.”
 
With basins 1, 2, 3 and 4 now being sold out, Pam Golding Properties through its subsidiary Pam Golding Properties Seychelles are now marketing the final two basins 5 and 6, with apartments priced from $450 000 to $895 000 for 88-215sqm, maisons from $1.3 million for 250sqm upwards and villas priced from $2.65 million to $4.25 million and from 317sqm in size.
 
“In Basin 5, and for the first time on Eden Island, villa owners have moorings directly in front of their homes, with direct access from their garden as opposed to a mooring elsewhere on the island. Another noteworthy feature is that one of the apartment blocks released in basin 6 consists of one bedroom units of a new design which includes a larger floor space, making them ideal as holiday apartments or as an investment with sound rental returns. Storerooms have also been added to the new apartment blocks in this phase. These particular apartments range from $450 000 to $510 000. The second apartment block in basin 6 comprises a mix of one, two and three bedroom units priced between $450 000 and $850 000,” says Immelman.
 
With regular flights to and from South Africa and just an eight minute drive from the airport, Eden Island is one of the few freehold property developments in the Indian Ocean where foreigners can purchase, which also enables them to apply for residency.
 
“Over the years investment in residential property in Eden Island has proven lucrative, with capital values appreciating significantly. For example a one bedroom which originally sold for $275 000 in late 2006 would now fetch $475 000, a two bedroom apartment of $425 000 now sells for $675 000, while villas which at the outset were priced from around $1.8 million are now priced at approximately $3.5 million. This represents an average 8-10 percent year on year increase in property values. Over and above this, a rental division provides an option to achieve very good rental yields, with a strong demand among holidaymakers – particularly from France, Germany, Italy and South Africa.”
 
He says trends among buyers reflect a combination of those buying for pure investment and others upgrading to larger homes, plus a further 100-odd property purchases have been second or third or more property acquisitions by the same owner– an endorsement which speaks for itself.
 
“Re-sales have progressed well, with around $45 million such transactions concluded, so there is good demand for both new and re-sale properties. About 10 percent of buyers are permanent residents, with most other owners visiting for approximately two weeks and some up to three months at a time, depending on the time of year. Generally there is a minimum occupation on the island of about 30 percent and maximum of 65 percent.”
 
He says while relaxation is a key element of attraction, numerous leisure activities available on your doorstep include private beaches with swimming, diving, fishing and other water activities, sailing and island ‘hopping’. With a commercial marina that caters for over 200 yachts plus over 500 residential moorings, Eden Island also has a super-yacht marina which can accommodate boats up to 110m in length, and in season up to eight super-yachts are usually berthed at any one time.
 
Amenities on the island include the Eden Plaza retail centre with its Spar supermarket, restaurants, boutiques and a casino and the Eden Bleu Hotel and Conference Centre, which opened in October 2014. The Eden Island residential estate has a clubhouse, tennis court, gym, swimming pools and four beaches.


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